June 26, 2012 12:48
China has told North Korea that it will reconsider a dubious development project on North Korea's Hwanggumpyong island.
The island located on the border between China and North Korea was designated a special economic zone last June. North Korea promised to lend the island to China for 50 years so Beijing can foster IT, tourism, light industry and modern agricultural industry there. In return for the development project from Chinese investors, North Korea would give China access to its Rajin port on the East Sea.
However, the Chinese government told North Korea last month that it will review the project from the scratch, apparently because it believes the island has little business value. North Korea's rocket launch in April despite Chinese protests may also have provoked the rethink.
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